The paper starts with background information on value management (VM) in the construction industry and current development situation of the green building industry, and costs and profitability of green buildings. The paper continues with detailed analyses of the findings, covering new developments and perceptions of VM, and applications of VM in the industry. The paper also reports case studies on the practices adopted in the planning and design management phase of SIPO Guangdong Patent Examination Cooperation Center and in the construction management phase of Guangzhou International Bio-Island Standard Property Unit II project. As revealed by the practices, the value-adds and savings in construction costs through the application of VM are important for the developers, and the contributions of VM application in green building projects are significant to achieving the expected targets and to resolving the design and construction challenges encountered in the development of green building industry. And the paper presents, findings on how VM can improve construction management and coordination of several ongoing construction projects and on how VM can be systematically implemented by phases, and discussions on other potential benefits of using VM systems.